Lisa Bell to succeed EXIM boss
Pamella McLean, managing director of the National Export Import Bank of Jamaica (EXIM Bank) will retire come April 30, after 24 years of service to the organisation.
EXIM Bank is primarily engaged in short-term financing activities aimed at the development of the productive sector, specifically, towards the growth of export. But the bank also assists other productive enterprises in the area of import substitution.
McLean will be replaced by Lisa Bell, formerly of Jampro who will take up her role on May 1.
"Every managing director has their own touch but not really a great deal of change (is) expected. If anything, a continuation of what McLean started," said Gary 'Butch' Hendrickson, chairman of EXIM Bank.
"The bank has a mandate as a development bank and expects to stay close to that as possible. McLean started us off in the right direction and I am sure Bell will continue that," he said.
EXIM Bank at the end of its financial year in March 2009 reported loan disbursement of J$6.5 billion, surpassing its budget of J$6 billion while reflecting an increase of 35 per cent over the results of J$4.8 billion recorded for the 2008 financial year.
Of the total loans disbursed agro-processing received the bulk of the funds totalling J$1.95 billion. Distribution and manufacturing were the other two biggest sectors receiving J$1.92 and J$1.5 billion, respectively.
While the Bank's operation continues to focus on export, manufacturing, small business among others, it has also begun to place added focus on newly emerging sub-sectors, such as the creative industries and health tourism.
For the 2009 financial year the Bank's total assets were reported at J$7.43 billion, an increase of 37.6 per cent over the J$5.4 billion achieved for the previous year.
For the 2010 financial year EXIM Bank has projected a 10 per cent growth in loan disbursement to US$7.2 billion, with emphasis on the agro-processing sector.
McLean joined EXIM Bank at its inception in 1986 and was appointed managing director in 1995. She started her banking career with the Bank of Jamaica after leaving the University of the West Indies.
A farewell cocktail is to be held in her honour later today, at which time Bell, the incoming managing director will also be introduced.